The chief elegant officer of crypto alternate Coinbase says that Ethereum (ETH) is a commodity as decentralized finance (DeFi) firm Consensys launches a lawsuit against the U.S. Securities and Exchange Payment (SEC).

In a new put up, crypto licensed knowledgeable Paul Grewal affirms that the head dapper contract platform is a commodity fairly than a security and praises Consensys for standing up to the SEC’s “unlawful enlargement of authority.”

“I know ETH is a commodity. ETH is a commodity. The CFTC (Commodities Futures Procuring and selling Payment) is conscious of ETH is a commodity. It’s time for the SEC to admit that it serene is conscious of ETH is a commodity too. No more video games. Thanks to Consensys for standing up against the SEC’s unlawful enlargement of authority.”

In a lengthy thread on the social media platform X, Consensys explains that it’s filing a lawsuit against the SEC as a end result of it believes that the regulatory company is each and each arbitrarily expanding its jurisdiction and hindering the steadiness and growth of Ethereum by categorizing the head altcoin as a security.

“Now we bear time and time again witnessed the hot SEC contradict itself with ever-altering views on the blockchain, consistently mischaracterizing this technology and what’s built on it as a shallow and doomed investment blueprint, fairly than because the breakthrough technology it is a ways.

And it is time the industry stood up for itself. Our action right now time is supposed to provide protection to the Ethereum ecosystem as successfully because the entirety of the extended decentralized protocol ecosystem.”

The SEC can be within the center of deciding whether or to no longer approve or reject bids to rep Ethereum alternate-traded funds (ETFs). Previously, it change into reported the regulatory physique would make a likelihood by Might maybe maybe maybe.

Ethereum is trading for $3,119 at time of writing, a 1.33% lower throughout the final 24 hours.

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